On Monday, Shares of Whiting Petroleum Corp. (NYSE:WLL), lost -13.20% to $12.36, as the energy sector takes a hit due to the drop in oil prices Monday.
The commodity is on the decline this morning, hitting its lowest level in almost seven years, after Friday’s OPEC meeting with a disagreement over cutting production and with no reference to an output ceiling, Reuters reports.
The OPEC meeting ended with no agreement to lower production, which had been adding to an already oversupplied market, assisting to drive prices down. OPEC has been adamant in the past about maintaining its high production levels in order to protect market share.
Also pressuring oil prices recently is a stronger dollar.
Whiting Petroleum Corporation, an independent oil and gas company, acquires, explores, develops, and produces crude oil, natural gas liquids, and natural gas in the Rocky Mountains and Permian Basin regions of the United States. It sells oil and gas to end users, marketers, and other purchasers. As of December 31, 2014, the company’s estimated proved reserves totaled 780.3 million barrels of oil equivalent; and had interests in 4,471 net productive wells across about 886,700 net developed acres. Whiting Petroleum Corporation was founded in 1980 and is based in Denver, Colorado.
Shares of Yamana Gold, Inc. (NYSE:AUY), declined -9.28% to $2.15, during its last trading session, as gold prices dropped after the dollar strengthened following Friday’s U.S. employment data.
Gold for February delivery is down by 0.91% to $1,074.20 per ounce on the COMEX last afternoon.
Positive U.S. employment data is boosting the dollar as expectations improvement for a rise in interest rates next week, Reuters reports.
An improvement in U.S. interest rates would make it more costly to hold metals traded in dollars abroad.
“Against the backdrop of sound growth, higher interest rates and muted inflation, gold should remain out of favor among investors,” Julius Baer said in an analyst note, Reuters added. “We remain bearish and lower our 12-month price target to $1,000 per ounce.”
Yamana Gold, Inc. is up 38.98% in the last 3-month period. Year-to-Date the stock performance stands at -40.02%.The company shares have dropped -41.19% from its 1 Year high price. On Jan 12, 2015, the shares registered one year high at $4.84 and the one year low was seen on Sep 11, 2015. The 50-Day Moving Average price is $2.11 and the 200 Day Moving Average price is recorded at $2.37.
Yamana Gold Inc. engages in gold mining and related activities, counting exploration, extraction, processing, and reclamation. The company has precious metal properties and land positions in the Americas. Its portfolio comprises seven operating gold mines, such as Chapada (copper/gold), El Peñón (gold/silver), Canadian Malartic Mine (gold/silver), Jacobina(gold), Gualcamayo(gold), Minera Florida (gold/silver/zinc), Fazenda Brasileiro, and Mercedes (gold/silver), in addition to a 12.5% indirect interest in the Alumbrera mine (copper/gold/molybdenum); and various development stage projects and exploration properties in Brazil, Chile, Argentina, Mexico, and Canada. The company was formerly known as Yamana Resources Inc. and changed its name to Yamana Gold Inc. in July 2003. Yamana Gold Inc. was founded in 1980 and is headquartered in Toronto, Canada.